How to Qualify for a Business Loan

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How to Qualify for a Business Loan

Capital – all businesses need it to survive and thrive. So what do you do if your small business is just starting out or you need more cash to fund your business while building up revenue? Small business loans are the traditional route many entrepreneurs choose to fund their ventures. As a new business owner, you might wonder how to qualify for a loan for your business, but the answer is not as cut and dry as you might think. There are several factors banks and lending companies take into account when deciding whether or not your small business will qualify for a loan.

The small business qualifications banks take into account when approving entrepreneurs for loans are vast and range from business entity to your personal credit score. They also require a detailed business plan in order to see and evaluate the risk you represent to the bank. The bank typically also requires some sort of valuable collateral you can relinquish to the bank should you not be able to pay back your loan. In addition, the bank requires statements about the health of your business. Having paperwork such as your tax and banking statements, profit and loss reports, EIN, and balance sheets ready and available will speed up the process, but won’t necessarily save you from waiting a few weeks or months to receive your capital.

Traditional Loan Alternative

If applying for a traditional SMB loan seems a little overwhelming to you, you might want to consider Pawngo.

Trusted Online Financing Source

As the first established and licensed online pawn shop in the United States, Pawngo is a respected and reviewed company that offers business capital loans from $500 – $5,000,000, all based on luxury assets you already own that typically aren’t liquid.

Use Assets You Already Own

Instead of requiring endless paperwork and meetings, all Pawngo needs is collateral – whether it be a luxury car, designer handbag, or a luxury watch – Pawngo provides capital in exchange for collateral.

Virtually Paperless

Pawngo is easier to apply for than a traditional loan because all we require is you to fill out an online application and then send us your collateral to inspect – with shipping costs on us. You can be approved for a loan in as little as 24 hours, unlike a bank loan, because we don’t require in-person meetings, credit checks, or much paperwork.

Use Our Online Form to Get Approval Today

To check out more about how Pawngo is a great alternative to traditional loans, visit us online. Apply for a business loan with Pawngo and get your finances back on track fast.